Trading Academy
Forex Glossary
Trading Guides
News
Blog
FTMOTop pick
Czech Republic • 9+ yrs
9.0
Lowest fee$155
Starts at$10,000
Max alloc$400,000
PayoutsOn demand after 14 days
- Top Markets
- ForexIndicesCommodities
- Top Platforms
- MT4MT5
Challenge Type
1-Step Challenge, 2-Step Challenge
Feature comparison
Best Two-Step Prop Firm Challenges — 2-Phase Evaluations
Two-step prop firm challenges are the traditional evaluation format that most established firms use. In a two-step evaluation, you pass Phase 1 (challenge) by hitting a larger profit target (e.g., 8-10%), then pass Phase 2 (verification) by hitting a smaller target (e.g., 5%) — proving consistency before receiving a funded account.
10
Firms matched
30
Tracked overall
2026-04-13
Last reviewed
FTMO
Top-rated firm
What this page helps you compare
- Which firms support this feature
- Fee comparison for matching firms
- Platform and instrument compatibility
- Profit split and payout details
Last reviewed:
•By:BrokerAnalysis Research Desk
•Fact-checked by:BrokerAnalysis Editorial Team
Best Two-Step Prop Firm Challenges — 2-Phase Evaluations
Best Two-Step Prop Firm Challenges currently features 10 qualifying firms, led by FTMO. Compare pricing, platforms, payout policies, and rule fit before choosing a prop firm.
Comparison: Best Two-Step Prop Firm Challenges
10 prop trading firms match this page's current criteria, ranked by review score and trader-fit signals.
10 Firms matches
Instant FundingReviewed
United Kingdom • 2+ yrs
8.8
Lowest fee$75
Starts at$1,250
Max alloc$2,500,000
Payouts14 days after first trade, then weekly (Instant); on demand on evaluation models
- Top Markets
- ForexIndicesCommodities
- Top Platforms
- MT5cTrader
Challenge Type
Instant Funding, 1-Phase, 2-Phase, 3-Phase
FundedNextReviewed
United Arab Emirates • 2+ yrs
8.4
Lowest fee$32
Starts at$6,000
Max alloc$300,000
PayoutsBi-weekly
- Top Markets
- ForexIndicesCommodities
- Top Platforms
- MT4MT5
Challenge Type
Express, Evaluation, Stellar 1-Step, Stellar 2-Step
Alpha Capital GroupReviewed
United Kingdom • 3+ yrs
8.3
Lowest fee$39
Starts at$5,000
Max alloc$400,000
PayoutsBi-weekly or on demand depending on plan
- Top Markets
- ForexIndicesCommodities
- Top Platforms
- MT5cTrader
Challenge Type
Alpha Pro, Alpha Swing, Alpha One, Alpha Three
Blueberry FundedReviewed
Australia • 3+ yrs
8.3
Lowest fee$97
Starts at$10,000
Max alloc$200,000
PayoutsBi-weekly
- Top Markets
- ForexIndicesCommodities
- Top Platforms
- MT4MT5
Challenge Type
1-Step, 2-Step
Funding PipsReviewed
United Arab Emirates • 2+ yrs
8.2
Lowest fee$36
Starts at$5,000
Max alloc$300,000
PayoutsTuesday / bi-weekly / monthly / on demand
- Top Markets
- ForexIndicesCommodities
- Top Platforms
- MT5cTrader
Challenge Type
Zero, 1-Step, 2-Step
FXIFYReviewed
United Kingdom • 3+ yrs
8.2
Lowest fee$59
Starts at$10,000
Max alloc$400,000
PayoutsBi-weekly
- Top Markets
- ForexIndicesCommodities
- Top Platforms
- MT4MT5
Challenge Type
1-Phase, 2-Phase, 3-Phase, Instant Funding, Lightning Challenge
Goat Funded TraderReviewed
United States • 2+ yrs
8.1
Lowest fee$36
Starts at$5,000
Max alloc$800,000
PayoutsBi-weekly / every 10 days / on demand add-on
- Top Markets
- ForexIndicesCommodities
- Top Platforms
- MT5cTrader
Challenge Type
1-Step, 2-Step, Instant Funding, Pay Later
Maven TradingReviewed
Canada • 3+ yrs
8.1
Lowest fee$13
Starts at$2,000
Max alloc$100,000
PayoutsOn demand
- Top Markets
- ForexStocksIndices
- Top Platforms
- MT5cTrader
Challenge Type
1-Step, 2-Step, 3-Step
FunderProReviewed
Malta • 3+ yrs
7.9
Lowest fee$59
Starts at$5,000
Max alloc$200,000
PayoutsWeekly (USDC)
- Top Markets
- ForexStocksIndices
- Top Platforms
- MT5cTrader
Challenge Type
1-Phase, 2-Phase, Instant Funding
Risk disclosure: prop trading involves the risk of losing evaluation fees, and payout access depends on complying with account rules.
Not sure which firm fits your strategy?
Upload your MT4/MT5 trade history and compare your results against prop-firm rules using the AI Prop Optimizer.
The two-step model is favored by firms like FTMO, FundedNext, and Funding Pips because it better demonstrates a trader's ability to maintain risk management over a longer period. While it takes more time than a one-step evaluation, the profit targets per phase are typically lower, which some traders find more achievable.
Two-step challenges are ideal for traders who value a structured evaluation process and want the reassurance that their strategy can maintain profitability across different market conditions. Many firms also offer lower challenge fees for two-step vs one-step programs.
Detailed reviews
These firms currently match the page criteria. Use the firm review for the exact rules, payout mechanics, and challenge details.
FTMO is one of the most established proprietary trading firms, founded in 2015 and reporting more than $500 million paid in rewards. Traders can choose between 1-Step and...
Profit split
80%
Max account
$200,000
Starting fee
€155
Payouts
On demand after 14 days
Instant Funding is a UK-based prop trading firm partnered with ThinkMarkets that lets traders start with instant-funded accounts or choose 1-Phase, 2-Phase, and 3-Phase e...
Profit split
80%
Max account
$200,000
Starting fee
$75
Payouts
14 days after first trade, then weekly (Instant); on demand on evaluation models
FundedNext is a Dubai-based prop firm offering up to 95% profit splits — among the highest in the industry. With multiple challenge formats including Express, Evaluation,...
Profit split
80%–95%
Max account
$200,000
Starting fee
$32
Payouts
Bi-weekly
Blueberry Funded is the prop trading arm of Blueberry Markets, an established Australian broker. They offer 1-step and 2-step challenges for both forex and futures trader...
Profit split
80%–85%
Max account
$200,000
Starting fee
$97
Payouts
Bi-weekly
Alpha Capital Group is a UK-based prop firm offering several assessment structures including Alpha Pro, Alpha Swing, Alpha One, and Alpha Three. Its official help centre ...
Profit split
80%
Max account
$300,000
Starting fee
$39
Payouts
Bi-weekly or on demand depending on plan
Funding Pips is a Dubai-based prop firm offering Zero, 1-Step, and 2-Step programs across forex, indices, commodities, and crypto markets. Its current official site empha...
Profit split
60%–100%
Max account
$300,000
Starting fee
$36
Payouts
Tuesday / bi-weekly / monthly / on demand
FXIFY is a well-established prop firm with over 200,000 active traders across 200+ countries. They offer the widest variety of challenge formats including 1-phase, 2-phas...
Profit split
80%–90%
Max account
$400,000
Starting fee
$59
Payouts
Bi-weekly
Maven Trading offers one of the widest instrument selections in the prop trading industry, covering forex, stocks, indices, commodities, bonds, crypto, and ETFs. With acc...
Profit split
80%
Max account
$100,000
Starting fee
$13
Payouts
On demand
Goat Funded Trader (GFT) offers 1-Step, 2-Step, Instant Funding, and Pay Later models with funding paths up to $400K. Its current official pages emphasize pass-first-pay-...
Profit split
80%–100%
Max account
$400,000
Starting fee
$36
Payouts
Bi-weekly / every 10 days / on demand add-on
FunderPro stands out with weekly USDC payouts (the fastest in the industry) and a $50 minimum payout threshold. They offer wide instrument coverage including forex, stock...
Profit split
80%
Max account
$200,000
Starting fee
$59
Payouts
Weekly (USDC)
Frequently asked questions
A two-step challenge has two phases: Phase 1 (Challenge) requires hitting a larger profit target (usually 8-10%), and Phase 2 (Verification) requires a smaller target (usually 5%). You must pass both phases while staying within drawdown limits to receive a funded account.
A two-step challenge typically takes 30-60+ trading days. Phase 1 often has a 30-day time limit, and Phase 2 may have a 60-day limit. However, some firms like FundedNext and Funding Pips have no maximum time limits.
Two-step challenges have lower per-phase profit targets and may have lower fees. They suit traders who prefer a structured approach. One-step challenges are faster but may have higher targets. Choose based on your trading style and risk tolerance.
Firms don't typically publish verified pass rates, but firms with lower profit targets and no time limits (like Funding Pips and The5%ers) tend to have higher pass rates. Industry-wide, prop firm pass rates are estimated at 10-20%.
Most two-step prop firms allow overnight holding, though some may restrict it during specific events. Firms like FundedNext, E8 Markets, and Goat Funded Trader explicitly allow weekend holding as well.
Related prop firm guides
Sources & References
- Our methodology for ranking trading providers— BrokerAnalysis
- Editorial policy and research standards— BrokerAnalysis
- Data sources used across reviews and comparisons— BrokerAnalysis
- FTMO review and rule breakdown— BrokerAnalysis
- Instant Funding review and rule breakdown— BrokerAnalysis
Ready to shortlist your prop firm?
Use this page to narrow the field, then confirm the exact challenge rules on each firm review before paying for an evaluation.